Form 49B is a document that serves as an application under Section 203A of the Indian Income Tax Act, 1961 for assigning a TAN number or TAN deduction and payment account number to beneficiaries who are eligible to take tax deductions on payments made by them. A 10-digit number, a Tax Deduction and Collection Account Number (TAN), is assigned to all individuals who receive payments subject to the Indian Income Tax Act, 1961. A form 49B is required when applying for a TAN, and taxpayers should be aware of this form.
What is Form 49B?
As per Section 203A of the Income Tax Act of 1961, Form 49B is a tax-related document that must be submitted if a person is to receive a TAN. Therefore, applicants must learn how to fill Form 49B correctly without any errors. Because it is so crucial for payees who do not have a TAN, banks have the legal right to refuse payment fulfillment. Non-TAN applicants who deduct taxes may be charged Rs 10,000. No additional documents are required while applying for Form 49B. You must file a TAN when filing either the TDS(Tax deducted at source) or TCS return by online and offline. Applicants must apply through the official National Securities Depository Limited or UTI Infrastructure Technology and Services Limited portal; the form is in PDF format. The applicant has to submit their mandatory details and complete the Form 49B process. In case of online submission, the applicant must send proof of identity and residency via mail to NSDL TAN Registration Division.
Contents of Form 49B.
- The first part contains the office’s details, the person’s designation, and her contact information.
- The second part requires the full residential address of the person.
- The third part should include the applicant’s nationality.
- The PAN number is provided by the person if it is mandated by law in the same part.
- The taxpayer must fill out the Tax Deduction Number and Tax Collection Number in the fourth part.
- The form submission data and other details will be provided in the next section.
- The applicant should provide the agency with the name and contact details of the person who will be assessing their application.
- After the applicant has submitted their details, they must declare that it is correct.
- To complete the submission procedure of Form 49B, applicants must provide a signature or thumbprint.
Steps to apply through NSDL Portal.
- Open the NSDL Portal and click on ‘Online Application.
- Select your category of deduction from the drop-down box.
- You will now be directed to fill out Form 49B.
- All required details must be provided by the applicant like Area Code, Assessing Officer code, AO Type, Range Code, etc.
- Once all your details have been submitted, a confirmation screen will appear for you to review your entries. Confirm it and submit.
- Now applicants will be provided with acknowledgment number 14 digits long. They are required to print out this number and keep it handy.
- Applicants are required to sign or thumbprint the acknowledgment form.
- For a left thumb impression to be considered valid, it must be attested by a government official.
- You should send the acknowledgment form with all essential documents to the NSDL office through postal or courier service.
Steps to apply offline.
- You must download it online and fill in all the official and personal details required.
- The applicant must declare that the above-given details are accurate to the best of their knowledge.
- The applicant must sign the document and provide the date and place.
- A left thumb impression must be attested by a magistrate or gazetted officer, who must sign and stamp the document.
- Submit your application to the nearest NSDL or UTIITSL office with all required documents.
What are the documents required for Form 49B?
In the case of an online application, the applicant must print out a copy of the acknowledgment and send it to the Income Tax Department. No documents are required for an offline application.
Instructions to apply Form 49B.
- The official language is English, so you should fill it in English.
- You should fill Form 49B in Block letters and use a black pen.
- The applicant must fill out all the fields with an asterisk.
- Applicant must fill in the AO number, AO code, and AO type.
- In order to ensure that thumb impressions are authentic and not forged, a Gazetted Officer or Magistrate should attest to them.
- The applicant must mention the designation and the details of residence.
- If applicants already have a TAN, they should not apply for it.
- All the details must be correct.
Things not to do when applying for Form 49B.
- Never outwrite in Form 49B; it will be rejected.
- Don’t mention if you don’t have POA and POI on the official name.
- Never give extra details.
- Always use your full name and do not abbreviate it.
- If you already have TAN, don’t apply for a new one. Otherwise, you will be charged INR 10,000.
Fees for Form 49B.
The fee to apply for Form 49B is Rs 65+GST. This fee can be paid through numerous payment gateways such as demand draft, cheque, net banking, debit card, or credit card. If a cheque is used for payment, it must be made out in favor of NSDL-TIN, and if a demand draft is used, it must be drawn in favor of NSDL-TIN.
Submission of Form 49B.
To apply for a Tax Account Number, applicants must mail their completed form in an envelope containing the words APPLICATION FOR TAX ACCOUNT NUMBER (Your Tax Account Number) written on the outside of the envelope. Applicants must also send a Demand Draft or cheque to the National Securities Depository Limited along with their application. The acknowledgment form and proof of payment must be mailed within fifteen days of submitting your application. Until this information is received, your application cannot be processed.
An individual who is required to pay taxes in India should apply for a TAN in order to get all the details regarding income tax returns. Individuals sometimes get confused about various steps involved in getting a TAN. Still, for simplification, I have listed all the necessary measures so that you can apply for it without facing any challenges.